Needham Believes ServiceNow (NOW) Still Has Room to Grow

In a report released today, Jack Andrews from Needham assigned a Buy rating to ServiceNow (NOW), with a price target of $591.00. The company’s shares closed last Wednesday at $557.24, close to its 52-week high of $598.37.

According to, Andrews is a 5-star analyst with an average return of 26.2% and a 63.6% success rate. Andrews covers the Technology sector, focusing on stocks such as LiveRamp Holdings, Pegasystems, and Dynatrace.

Currently, the analyst consensus on ServiceNow is a Strong Buy with an average price target of $632.77, representing a 13.1% upside. In a report issued on April 22, BNP Paribas also initiated coverage with a Buy rating on the stock with a $680.00 price target.

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ServiceNow’s market cap is currently $110B and has a P/E ratio of 947.80. The company has a Price to Book ratio of 45.25.

Based on the recent corporate insider activity of 138 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of NOW in relation to earlier this year.

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Founded in 2004 and based in California, ServiceNow, Inc. is a software company which provides enterprise cloud computing solutions to help companies manage digital workflows for enterprise operations. The company offers its solutions to various sectors including healthcare, education, oil and gas, telecommunications, government, consumer products, technology, IT and financial services.

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